The average asking price of a home fell by 1% nationally in the last three months of 2014, according to a survey of asking prices on property website

However, the study shows that despite the drop, prices are still almost 13% higher than they were a year ago.

Last month, the Central Statistics Office reported a 0.1% drop in the cost of buying a home in Dublin.

Today's study shows a 0.7% drop in the capital in the last quarter.

There were also falls in the cities of Cork, Waterford and Galway.

The survey's author, economist Ronan Lyons, attributes the dip to the Central Bank's controversial proposals for larger deposits from homebuyers.

Meanwhile, according to a price survey, last year was the best year for house price growth in seven years and 2015 will see further price increases, although at more modest levels.

The study said that while there was strong price growth in 2014, uncertainty over a number of new developments in the market are likely to dampen the rate of price increase in the coming year.

With competition increasing in the mortgage market, a number of banks have announced cuts to lending rates in order to attract new business.